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Business News/ News / India/  Number of active companies crosses 1.6 million, led by service sector: MCA
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Number of active companies crosses 1.6 million, led by service sector: MCA

The service sector accounted for 42% of all new businesses incorporated in October, followed by manufacturing, which accounted for 14%.

Of the 15,603 companies incorporated in October, community, personal and social services accounted for a little more than 25%, while trading and business services accounted for 16%Premium
Of the 15,603 companies incorporated in October, community, personal and social services accounted for a little more than 25%, while trading and business services accounted for 16%

New Delhi: The number of active companies in India crossed 1.62 million as of the end of October, with over 96,800 being formed this financial year, led by service-sector businesses, data from the Ministry of Corporate Affairs showed.

At the end of March 2023, India had only 1.53 million companies. Between April and October last year, close to 54,000 companies were formed. The increase in company registrations this year comes despite the revamp of the MCA21 portal, which caused technical glitches for a while.

The latest data showed that the service sector dominated new registrations. Of the 15,603 companies incorporated in October, community, personal and social services accounted for a little more than 25%, while trading and business services accounted for 16%. The overall service sector accounted for 42% of all new businesses incorporated in the month, followed by manufacturing, which accounted for 14%.

Official data released by the statistics ministry last month showed that some service sectors such as electricity, utilities and construction had seen double-digit growth in the September quarter.

Maharashtra reported the largest number of new company registrations in October with a 17% share, followed by Uttar Pradesh with 11% and Delhi with 9%.

Data also showed that women's representation in the number of registrations for directorships in companies was at 25% of all director identification numbers (DINs) issued in October for people aged 18-30. Women's share in DINs issued was 34% in 31-45 age group but dropped marginally for more senior professionals. 

The figures show that the country has a lot of ground to cover in achieving gender equality, a sustainable development goal to be achieved by 2030. Over 38,600 DINs were issued in the month.

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ABOUT THE AUTHOR
Gireesh Chandra Prasad
Gireesh has over 22 years of experience in business journalism covering diverse aspects of the economy, including finance, taxation, energy, aviation, corporate and bankruptcy laws, accounting and auditing.
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Published: 04 Dec 2023, 07:49 PM IST
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